Despite The House of Representatives passing legislation to extend federal funding yesterday, a government shutdown still isn’t completely off the table. It still needs to make it through The Senate and be signed by President Biden. We all know a potential shutdown has far-reaching effects, but one you may not be prepared for is the lapse of the National Flood Insurance Program (NFIP).
On numerous occasions over the years Congress or the President has temporarily failed to provide funding that allows the Federal Emergency Management Agency (FEMA) to continue the National Flood Insurance Program (NFIP).
Major flooding during the summer of 2017 bankrupted the NFIP again. Annually, since then we have continued to have major Flooding disasters all over the United States. Congress has been debating the future of the NFIP and has continued the Program with a series of temporary funding measures. There have been lapses along the way. Since the end of FY2017, 25 short-term NFIP reauthorizations have been enacted.
With the potential lack of availability of FEMA flood policies what option do lenders have? Can loans secured by a building or mobile home located in a special flood hazard area be closed without FEMA coverage? Join us in this training session to uncover the answers to those questions!
This training includes a 36-page training manual that serves as a handbook long after this on-demand session has been viewed.